PROPERTY TRUST OF AMERICA ANNOUNCES OFFERING OF SHARES OF BENEFICIAL INTEREST; DECLARES DIVIDEND
PROPERTY TRUST OF AMERICA ANNOUNCES OFFERING OF SHARES
OF BENEFICIAL INTEREST; DECLARES DIVIDEND
EL PASO, Texas, Nov. 8 /PRNewswire/ -- Property Trust of America (NYSE: PTR) announced today that it has requested the Securities and Exchange Commission to declare effective the trust's registration statement relating to a public offering of 4,500,000 shares of Beneficial Interest at a price to the public of $8-7/8 per share. The Trust's board of trustees increased the size of the offering from 2,500,000 shares due to strong institutional demand for the shares and because the Trust's advisor, Southwest Realty Advisors Incorporated, believes that currently available opportunities to acquire and develop multifamily properties in the southwestern United States continue to be attractive. The offering is expected to close on Nov. 22, 1991.
On Nov. 7, 1991, the board of trustees declared a 16 cents per share quarterly dividend payable on Dec. 6 to shareholders of record as of Nov. 21.
The board of trustees also adopted a policy of announcing the following year's projected annual dividend level after the board's annual budget review and approval in December of each year. The 1992 dividend policy announcement will be made following the board meeting scheduled for Dec. 3, 1991.
Property Trust of America is an equity real estate investment trust which is principally engaged in acquiring, developing and owning multifamily properties located in the southwestern United States.
/CONTACT: J.H. Polk III of Southwest Realty Advisors, 505-982-9292/
(PTR) CO: Property Trust of America ST: Texas IN: FIN SU: OFR SM -- NY016 -- 2515 11/08/91 10:08 EST